Sizable trade in M&Z shares

The MSE Equity Price Index remained relatively unchanged at 3,728.153 points as the declines in HSBC, PG, MPC, and M&Z outweighed the gain in BOV. Meanwhile, six other equities closed unchanged. Download today’s Equity Market Summary.

A single trade of 350,000 shares of M&Z plc having a market value of €0.20 million accounted for most of today’s value traded in local equities. The share price of M&Z plc fell by 2.5% to the €0.58 level. Last week, M&Z shareholders approved a share buyback programme of up to 500,000 shares at a price of €0.60 per share.

PG plc eased by 0.5% to a three-week low of €1.93 on one deal of 730 shares. PG’s Board of Directors is scheduled to meet on Tuesday 25 June 2024 to consider an interim dividend.

Malta Properties Company plc slumped by 5.9% to the €0.32 level on muted activity.

HSBC Bank Malta plc shed 0.6% to the €1.54 level on a single deal of 6,500 shares.

On the other hand, Bank of Valletta plc gained 0.7% to the €1.41 level across eight deals totalling 34,302 shares.

Also in the banking sector, APS Bank plc (8,850 shares) and Lombard Bank Malta plc (1,125 shares) held the €0.515 and €0.79 levels respectively.

Malta International Airport plc closed unchanged at the €5.70 level after recovering from an intraday low of €5.65 (-0.7%) as 3,070 shares changed hands.

Also among large companies by market cap, International Hotel Investments plc traded flat at the €0.44 level on volumes totalling 23,505 shares.

GO plc closed unchanged at the €2.90 level after failing to hold onto an intraday high of €2.96 (+2.1%) across four deals amounting to 2,184 shares.

MaltaPost plc closed unchanged at the €0.446 level on a single deal of 2,240 shares.

Today, Grand Harbour Marina plc announced that its Board of Directors is scheduled to meet on Tuesday 25 June 2024 to consider the declaration of a dividend.

Furthermore, Hili Finance Company plc announced that the recent offer of €80 million 5.00% unsecured bonds 2029 has been oversubscribed on the first day of the offer period. As a result, the offer was closed ahead of schedule on 19 June 2024 at noon. The company noted that it will be announcing the basis of acceptance by 1 July 2024.

The RF MGS Index reversed yesterday’s losses as it rose by 0.10% to a one-month high of 892.434 points. Data released today showed that during May, inflation in the United Kingdom was 2.0%, decreasing from 2.3% in April as expected. In this respect, inflation reached its lowest level since July 2021 driven by a slowdown in the growth of food costs to 1.7% from 2.9% in the previous month, the smallest increase in almost three years. On the other hand, producer prices in the UK during May grew by 1.7%, increasing for the fourth consecutive month, and by the steepest amount since May 2023.

Elsewhere within the eurozone, the ECB warned that several countries are facing significant fiscal burdens due to an ageing population, extra defence spending, and climate change. Meanwhile, the European Commission noted that seven countries, including Malta, are in breach of EU fiscal rules and the Commission intends to open excessive deficit procedures in July 2024. With respect to Malta, the Commission called for the winding down of energy subsidies by next winter while urging for an accelerated deployment of renewable energy.

This report contains public information only and is not to be construed as investment advice or an offer to buy or sell any securities. Information contained herein is based on data obtained from sources considered to be reliable, but no representations or guarantees are made with regard to the accuracy of the data. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Rizzo, Farrugia & Co. (Stockbrokers) Limited is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap—370 of the Laws of Malta and a member of the Malta Stock Exchange.